Chronicles

Bridgewater announced intent to go public

Bridgewater Bancshares, Inc., holding company for the fast-growing Bridgewater Bank in Bloomington, Minn., announced Feb. 16 it is going public. It has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of shares of its common stock. [Continue]

U.S. Bancorp fined for BSA, AML and risk management lapses

The Federal Reserve Board on Feb. 15 ordered Minneapolis-based U.S. Bancorp to improve risk management and oversight of its banking subsidiaries’ compliance with U.S. economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements. The Fed also required US Bancorp to ensure its personnel make timely and complete disclosures to regulatory authorities. The Fed imposed a $15 million penalty. [Continue]

German American expands franchise in south central Indiana

German American Bancorp, Inc., Jasper, Ind., announced it will buy five branches, with approximately $160 million in deposits and $134 million in loans, from MainSource Financial, Greensburg. The affected branches are located in Columbus and Greensburg, Ind. [Continue]

Transition at the top at Pacific Coast Banking School

The Pacific Coast Banking School has named Gretchen Claflin chief executive officer effective April 6. Claflin has been the school’s president since 2016, and was its chief operating officer prior to that starting in 2013. Claflin began her career working as a CPA for Ernst and Young. As an auditor, she gained experience working with banks, particularly in the special credits area. [Continue]

Fiserv selling interest in Lending Solutions Business

Warburg Pincus, a global private equity firm, is purchasing 55 percent of the Lending Solutions business of Fiserv. Fiserv will receive approximately $395 million in net after-tax proceeds and retain a 45 percent equity interest in the business. The joint venture will include all of the automotive loan origination and servicing products and related operations of Fiserv, as well as its LoanServ™ mortgage and consumer loan servicing platform. [Continue]

Purchase poises bank to add branch

ChoiceOne Bank of Sparta, Mich., has purchased a building in Rockford, Mich., and will remodel it into a full service branch set to open in October. This will be ChoiceOne’s third office in Rockford. [Continue]

WBA names former Wausau banker its Banker of the Year

The Wisconsin Bankers Association announced Peter Knitt as its 2017 Community Banker of the Year. Knitt, former president and CEO of the Peoples State Bank in Wausau, Wis. Knitt retired from the bank at the beginning of 2018. The announcement was made Feb. 6 at the WBA’s Bank Executives Conference in Madison. [Continue]

In Iowa, Chicago Fed President shares thoughts on tax bump

Charles L. Evans, president and CEO of the Federal Reserve Bank of Chicago, talked about the tax bump today at the Iowa Bankers Association Bank Management Conference: “In January we asked our Beige Book contacts about the likely impact of the tax package on their businesses. Their responses indicated that, on average, about a quarter of tax savings is expected to go toward capital spending and about 15 percent to labor. Most of the remaining 60 percent is planned to be used to pay down debt, fund mergers and acquisitions, and return funds to shareholders. [Continue]

Michigan CU calls off bank acquisition

The $852 million Honor Credit Union of Berrien Springs, Mich., announced it will no longer acquire Citizens State Bank of Ontonagon, Mich. The decision to drop the deal was arrived at mutually, according to news sources. [Continue]